the name given to a scheme under which multiple ABCP transactions are funded by a single ABCP conduit issuing ABCP.
Under an ABCP program, the ABCP investors take the risk of all the assets in the program and not the risk of individual transactions.
Put differently, the ABCP conduit issues only one type of commercial paper exposed to the risk of the assets in all the ABCP transactions entered into by the conduit but backed by a single liquidity facility provided by the ABCP sponsor.
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